HuffPo’s Guru Peter Goodman writes: “…Yet the deal that staved off this catastrophe is itself a disaster. It comes with some $2.5 trillion in spending cuts over the next decade -- cuts that will weaken an already feeble economy. The deal is good news only in that we are happy to see that the guy who has been standing on the ledge and threatening to jump has instead gone back inside: He has not plunged to his end, yet the bitter circumstances that put him there have not changed.
In our case, stepping back from the ledge entails a cost that will only make our circumstances worse. The unemployment rate reached 9.2 percent in June, and anyone who sees evidence of significant improvement anytime soon is straining to tell a story that involves religious faith in the self-healing properties of markets -- the same sort of nonsense that delivered the financial crisis and economic downturn worthy of their collective moniker, the Great Recession.
Pulling back on spending relegates the nation to a longer stretch of lean times that will feel most punishing to the people who never even shared in the bounty of the boom times: people who pay their bills not with exotic investment returns but with paychecks; people who sometimes need public assistance for health care, housing or groceries, or an unemployment check while they scramble to get back into the workforce….
Read of this at: http://www.huffingtonpost.com/peter-s-goodman/debt-ceiling-deal-spending-cuts_b_914920.html
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